Market Snapshots

CHFJPY Wave Analysis – 07 April, 2020

CHFJPY Wave Analysis – 07 April, 2020
  • CHFJPY rising inside impulse wave 3
  • Likely to rise to 112.50

CHFJPY continues to rise inside the impulse wave 3, which started earlier from the support area located between the key support level 110.50 (former monthly high from October), lower daily Bollinger Band and the 50% Fibonacci retracement of the pervious sharp upward impulse (1) from 2019.

The active impulse wave 3 belongs to the medium-term upward impulse sequence (3) – which started in March from the same support area.

CHFJPY is likely to rise further toward the next resistance level 112.50 (standing midway between the support level 110.50 and the powerful resistance 114.00).

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